Don't buy in 2009! (Idaho, check, buying, interest)
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Hey that sounds interesting is that a working farm & what're you planning on doing w it? Just curious cause I always dreamt of buying something like that but I lack the farm experience.
I was considering buying some farmland in Uruguay but gave up on the idea for the same reason: lack of experience. Check out these beauties;
Uruguay is one of the safest & more stable countries of the region. Violent crimes are still almost unheard of. I've heard some Americans describe it dismissively as Idaho By The Sea, but hey Idaho is actually very pretty & so is the sea!
Your Link shows 33 hectares of land which = 82 Acres and the price is US Dollars at $17,300 per hectare = $570,900 I don't call that a good deal!
Much of the "big name" publications really deal in such big generalities that it is worse than useless -- it creates false knowledge.
I completely agree that "conditions on the ground" are best understood by someone that really has hands-on ability to go check out the ways and way-nots of a particular deal.
Whether it is a pieces of real estate or other asset class/investment opportunity it is far less likely that you will get burned if you can gather A LOT of information before you put your money at risk!
From Warren Buffet to Peter Lynch to John Bogle or Robert Bruss all these people were strong advocates of not putting your money into something you could not understand AND being highly skeptical of anyone that claimed to have a "sure thing". There are downsides to EVERY situation and it is often better to understand THAT than to do nothing.
I suspect there are already some very good deals to be had, especially with amazingly attractive loans. Unfortunately some of these deals are 'hidden' alongside so many 'bad deals' that most of your time is spent shifting through the 'junk'. 2009 will be a crucial year to NOT allow the big waves to sweep you away...
These blanket reports can be hiding some very important FACTS. The fact is if you are renting and in a good position with credit and employment this is the best time to buy. The inventory is very high, and there are some great bargains out there. If you are not scared of doing some cosmetic repairs, and purchase your own appliances then the HUD foreclosures are everywhere, and there are some that are move in ready. I have seen some that were listed about 40% below market value. I
If you are an investor looking for a flip or investment revenue generating properties this is the best time. Interest rates are low, cost of goods and labor is low.
Instant Equity.
Last edited by EllenArlingtonPark; 01-13-2009 at 07:14 AM..
Reason: addl info
"From 1998 to 2006, when NEW JERSEY INCOMES ROSE ONLY ABOUT 10 PERCENT,HOUSE PRICES IN NEW JERSEY ROSE 135 PERCENT" AND THEY'VE ONLY COME DOWN APPROX 7%! BE FOR REAL PEOPLE!
"From 1998 to 2006, when NEW JERSEY INCOMES ROSE ONLY ABOUT 10 PERCENT,HOUSE PRICES IN NEW JERSEY ROSE 135 PERCENT" AND THEY'VE ONLY COME DOWN APPROX 7%! BE FOR REAL PEOPLE!
The sad and sick thing is that prices are not coming down much at all still. You still have 75% of sellers listing their houses insanely high. Then you havd 20% of junk houses priced high but reasonable compared to previous sale numbers (houses on bad roads, etc...) And 5% of people listing houses at a number a tad below current market that if on decent street will sell quickly. I can't see housing drop enough to even come CLOSE to where it should be anytime soon. LONG delayed downward spiral. But only probably at 5% yearly decline.
chet everett said: Much of the "big name" publications really deal in such big generalities that it is worse than useless -- it creates false knowledge
BINGO!!!!
Besides-The article is giving unemployment as the reason not to buy. Which generally speaking, not having a job is usually a pretty good reason not too!
chet everett said: Much of the "big name" publications really deal in such big generalities that it is worse than useless -- it creates false knowledge
BINGO!!!!
Besides-The article is giving unemployment as the reason not to buy. Which generally speaking, not having a job is usually a pretty good reason not too!
You got it! And so does Chuck! Thanks for putting it so simply.
The inventory is very high, and there are some great bargains out there. If you are not scared of doing some cosmetic repairs, and purchase your own appliances then the HUD foreclosures are everywhere, and there are some that are move in ready. I have seen some that were listed about 40% below market value.
The rural Texas property I was referring to in my earlier post is a Freddie Mac property that was listed for 50% off its appraisal value. I bought it for 10% less than that. You are very correct that there are some tremendous bargains out there but one nearly has to be standing in line with cash in their hand. This particular house has no appliances and will need some amount of elbow grease to put it back into shape but it's been a long winter and I need a challenge right now.
These blanket reports can be hiding some very important FACTS. The fact is if you are renting and in a good position with credit and employment this is the best time to buy. The inventory is very high, and there are some great bargains out there. If you are not scared of doing some cosmetic repairs, and purchase your own appliances then the HUD foreclosures are everywhere, and there are some that are move in ready. I have seen some that were listed about 40% below market value. I
If you are an investor looking for a flip or investment revenue generating properties this is the best time. Interest rates are low, cost of goods and labor is low.
Instant Equity.
Hmm, a real estate agent (who is in business to push transactions for commission) tells me now is absolutely the best time to buy, no questions asked.
On the other hand, a mortgage insurance company (who goes out of business if their models about the future of real estate are too far off) tells me that real estate is getting worse and will continue to do so over the next two years.
The index shows that the risk of lower house prices two years from now increased broadly across the nation -- rising in 369 of 381 MSAs (Metropolitan Statistical Areas) or 97 percent -- highlighting the breath of the economic and housing downturns.
PMI estimates that half of the nation's 50 largest MSAs have an elevated or high probability of seeing lower house prices by the end of the third quarter of 2010, relative to the third quarter of 2008. A growing number of MSAs in the Industrial Midwest and along the East Coast show an increase in probability of lower home prices in two years.
The nice thing about this study is that it looks at each area individually instead of making blanket statements about national trends. The fact that the conclusion about a lot of places (prices will be lower in 2010 than now) does show that it's a national problem without falling into the trap of assuming the nation is one big suburb that behaves the same.
Every area is regional, not all areas have been hit hard. So that being said, in some places it is a good time to purchase and in some not at all.
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Agree with Chet
Not In NJ, Still Ridiculously overpriced!
